Even though Web3 has demonstrated a lot of potential since its beginnings, one executive from Samsung Next believes that the utility issue is one that competitors in the industry must address.

The managing director of Samsung Next, Raymond Liao, spoke in an interview about the company’s decision to invest in MachineFi, a term used by the IoTeX project to define a futuristic paradigm in which machines replace humans as the primary workforce and are driven by Web3 technology.

Liao asserts that MachineFi has gained interest since Samsung Next focuses on investing in blockchain, artificial intelligence, and Metaverse, to name but a few.

The Samsung CEO discussed Web3 and how the crypto winter is a chance for investors in addition to MachineFi. This year is better than the last, according to Liao, which is positive for investors and product developers. The CEO had previously thought market returns were “over-exaggerated.”

The CEO further emphasised that the sector should concentrate on implementation and take on the utility issue to broaden the Web3 ecosystem rather than focusing on 10x returns.